Steel Import And Export In India From January 2022 To January 2023
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One of the world’s leading steel producers, India has been a net steel exporter for a long time. Having said that, in 2022 (July), for the very first time, India became a net steel importer in 2021 (January). It was because exports declined, and imports increased during the month.
From April 2022-July 2022, India’s steel imports hiked to 1.6 million tons by above 3% y-o-y. The highest volume in India’s total steel imports was non-alloyed HR steel. It comprised about 35% (0.307 million tons) of the total imports. It’s an increase of 23 % compared to the same time in the year 2021.
In ten months of FY 2022/23, Indian steel production hiked by 4% (up to approximately 103.18 million tons) compared to the same time in the year 2021. Finished steel’s output in January hiked by 1% m-o-m and fell by 3% y-o-y to 10.04 million tons. From April 2022-January 2023, the indicator increased by 5% y-o-y and reached 98.6 million tons.
India Imports From China
As per United Nations COMTRADE, from China, the import volume of iron and steel to India was USD1.18 Billion in 2021. During 2021, India’s iron and steel imports were at USD 11.68 Billion.
Export Orders
From November 2022, the recovery of steel prices across the globe and the 15% export duty removal increased India’s export orders. Indian steel enterprises improved finished steel exports by 33% compared to December 2022, which is up to approximately 580 thousand tons. However, the steel export fell by a whopping 28% compared to January 2021.
Insight
As per ICRA, Due to limited steel production opportunities and growth in South Korea, China, Japan, the Commonwealth of Independent States (CIS), the USA, & Europe, rolled steel imports are constantly on the rise.
Without a miss, for two months October 2022 and November 2022 India was rolled steel’s net importer. Market experts forecasted that in the financial year 2023/2024, steel products’ import volume to India’s steel market will continue to be significant.
Read more: Indian Pig Iron Prices Changed On Subdued Demand, Higher Raw Material Prices
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